Locally, Bellefonte is known for its upscale neighborhoods and the private Bellefonte Country Club, which has a championship level 18 hole golf course and formal ballroom.

Bellefonte was first incorporated on July 3, 1951, beginning with only 275 residents and developed in the latter half of the 20th century as a suburb of Ashland. The exclusive nature of the city is evident by its demographic makeup. Within the corporate limits, there are virtually no residents under the poverty line.[1]

Nearby, Our Lady of Bellefonte Hospital is named for its location, being just north of Bellefonte in Russell. In 1985, Ashland Inc. relocated its national headquarters from Winchester Avenue in downtown Ashland to a hill just north of Bellefonte. This ultra-modern business park complex, was suitable for any fortune 100 company such as Ashland, Inc. It comprised four state of the art glass office buildings: an executive building, two general office buildings and a combination warehouse/office building that contained printing presses and other service-type functions such as landscaping, etc. In 1999, the Corporation moved to Covington, Kentucky. Ashland, Inc. initially retained the executive office building and the office services building and still occupies the office services building. The other structures, after a brief period as office facilities, were ultimately sold to Our Lady of Bellefonte Hospital, are known as Bellefonte Centre and Bellefonte Pavilion, and are used for physicians offices & clinics, hospital business offices, other hospital services and are rental offices.

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According to the United States Census Bureau, the city has a total area of 0.7 square miles (1.8 km2), all land. The city sits on a plateau directly northwest of Ashland, centered on Kentucky Route 5 and Country Club Drive. Route 5 terminates at U.S. Route 23 near the Boyd/Greenup county line.

The older section of what would become Bellefonte was laid out in town lots and sold, beginning in 1918 by the Means and Russell Iron Company. It was originally part of the several thousand-acre Wheatley farm. It was named after the iron furnace that was operated there from 1826–1893, named the Bellefonte Furnace. Some remnants of the old furnace remain today in Bellefonte as its hand-cut limestone blocks are used as a retaining wall along Oxcart Road, near the Community Presbyterian Church, which is located on the original site of the iron furnace. The name Bellefonte is of French origin, a combination of the words "beautiful" and "fountain". A few of the original log-built dwellings from the 1800s iron furnace settlement remain along Route 5, but have been upgraded to upscale residential homes.

As of the census[1] of 2000, there were 837 people, 349 households, and 270 families residing in the city. The population density was 1,161.3 people per square mile (448.8/km²). There were 383 housing units at an average density of 531.4 per square mile (205.4/km²). The racial makeup of the city was 98.57% White, 0.12% African American, 0.84% Asian, 0.12% from other races, and 0.36% from two or more races.

There were 349 households out of which 26.4% had children under the age of 18 living with them, 69.3% were married couples living together, 6.3% had a female householder with no husband present, and 22.6% were non-families. 21.5% of all households were made up of individuals and 12.9% had someone living alone who was 65 years of age or older. The average household size was 2.40 and the average family size was 2.77.

In the city the population was spread out with 20.1% under the age of 18, 3.8% from 18 to 24, 21.1% from 25 to 44, 31.5% from 45 to 64, and 23.4% who were 65 years of age or older. The median age was 48 years. For every 100 females there were 93.8 males. For every 100 females age 18 and over, there were 89.5 males.

The median income for a household in the city was $73,333, and the median income for a family was $81,798. Males had a median income of $56,964 versus $40,000 for females. The per capita income for the city was $37,813. None of the families and 1.8% of the population were living below the poverty line, including no under eighteens and 1.8% of those over 64.

Bellefonte is part of the Russell Independent School District, which also includes the adjacent cities of Russell and Flatwoods. There are, however, no public schools within the city of Bellefonte and the city's children either attend public schools in either Russell or Flatwoods or attend private schools in Ashland or in other locations. Prior to 1993, the district operated Bellefonte Elementary School in the city which served grades K-5. The school was closed as part of the district's elementary school consolidation plan in 1993 and the building was demolished.